Global Interest Rates Climb Sharply as US Long-Term Yields Hit 19-Year High

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Interest rates are rising sharply around the world, and with inflation fears spreading on higher crude oil prices, the US long-term rate briefly touched the 5.22% level on the 24th, a 19-year high. Rates are also climbing in major European economies such as France and Germany. With tensions in the Middle East persisting, attacks on Saudi Arabia by Yemen's Iran-aligned Houthi militant group have intensified, crude oil futures are regaining upward momentum, and the major central banks of Japan, the United States and Europe are scrambling to contain inflation, having all raised rates in September. In the markets, expectations that the Bank of Japan and the US Federal Reserve will accelerate the pace of rate hikes going forward have fueled a view that rates will stay high, and in Japan, with the Takaichi administration leaning toward fiscal expansion, worries about deteriorating public finances are adding momentum to selling of government bonds. In the Tokyo market on the 25th, the long-term rate briefly rose to a 30-year high, but Finance Minister Satsuki Katayama said only that rates are affected by a variety of factors, including long-term ones, and that her ministry is doing what it can. Market participants point out that until the Middle East situation calms down, rates are likely to remain unstable.

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Japan's long-term rate briefly hit a 30-year high on BOJ rate-hike expectations and fiscal-expansion worries under the Takaichi administration.

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